This post is part of our series Operational Risk Management – Learning from yourself as an expert already!
My last blog highlighted the extensive use of KRIs (Key Risk Indicators) in our personal lives and the incredible KRI system we all have via our five senses. This blog focusses on the Risk and Control Self Assessment process. Again, the expertise we have in our personal lives provides excellent guidance as to how a good RCSA should be carried out in our businesses and the value add of the RCSA process when done well.
In our personal lives, risk assessments are sometimes performed formally, such as for your motor vehicle’s annual service. Other times, however, they are performed informally, from checking the risks and controls relating to your swimming pool to assessing the risks of your house when your first child is born.